Kirstin Hill has decided to retire as Merrill Lynch chief operating officer, a source familiar with the matter told ThinkAdvisor late Monday.
The news comes less than a month after it was disclosed that Andy Sieg, the head of Bank of America Merrill Wealth Management since 2017, had left the firm and was set to join Citigroup in six months. His role is now held by both Lindsay Hans and Eric Schimpf.
However, Hill shared her plans with Merrill at the beginning of this year, including the desire to pursue a role in the non-profit sector, the source said, adding that the former COO will remain with the firm through May to assist with the transfer of her responsibilities.
She first joined the firm as an intern and worked globally for it — in Sydney, Hong Kong, Tokyo, London, New York and Boston — in several different operations, from trading to the retirement business and most recently as COO. Hill has been on Merrill's senior leadership team since 2017 and in the COO role since 2020.
Meanwhile, BofA has named Jeff Busconi as head of Wealth Management Strategy, Products and Services for Merrill and The Private Bank. He will serve on both the Merrill and Private Bank leadership teams and will continue to lead products and services for The Private Bank, including Investments, Trust, and Philanthropic Solutions.
